Interim profits up 19% and dividend up 17% with forward visibility remaining very strong
21 Jan 2010
NCC Group plc (LSE: NCC, "NCC Group" or "the Group", the international, independent provider of Escrow and Assurance Testing, has reported its interim reults for the six months to 30 November 2009.
Highlights
Financial Highlights
- Group revenue up 22% to £25.4m (£20.8m in 2008)
- Group adjusted operating profits* increased by 16% to £6.3m (£5.5m in 2008)
- Group Escrow operating profits up by 9% to £6.0m
- Assurance Testing operating profits up by 33% to £1.6m - Group adjusted pre tax profits* up by 19% to £6.2m (£5.2m in 2008)
- Adjusted diluted earnings* per share up by 21% to 13.3p (11.0p in 2008)
- Interim dividend up by 17% to 3.5p (3.00p in 2008)
- Ratio of cash inflow from operating activities before interest and tax to operating profit up to 127% (119% in 2008)
- Group orders and renewals now totalling £30.9m (£30.4m in October 2009)
Operational Highlights
- Escrow UK has seen continued good growth in new contracts in spite of continued pressure on verification delivery
- Assurance Testing Division has seen strong growth as information security issues continue to become increasingly critical to all businesses
- The Group is on track to be debt free by the expiry of the current banking terms.
* Adjusted earnings measures: A reconciliation of adjusted operating profit, profit before tax and diluted earnings per share measures to reported adopted IFRS measures is set out on page 6. The Directors consider that the adjusted measures better reflect the ongoing performance of the business.
Rob Cotton, NCC Group Chief Executive commented:
“A 19% increase in our profitability and 21% increase in earnings is a very credible performance given the overall trading environment. We also continued to generate cash strongly with both divisions showing robust growth.
"Our confidence in the future, reinforced by our strong order book and renewals, has enabled us to increase the interim dividend by 17%. We remain on course to deliver another good year."
To view the Interim Results in full, please click here
Enquiries: NCC Group (www.nccgroup.com)
Rob Cotton, Chief Executive 0161 209 5200
College Hill
Adrian Duffield / Rozi Morris 020 7457 2020
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